MADRID (Reuters) - Spanish fashion retailer Mango reported on Monday an 8% increase in sales in 2024 to 3.33 billion euros ($3.62 billion), as it benefitted from an international expansion with a focus on the United States, similar to that pursued by its rival brand Zara.
Spain's second-largest fashion company that has positioned itself as a premium retailer focusing on partywear and with higher prices than those of Inditex-owned Zara, has said it aims to reach 4 billion euros in sales by 2026.
Its net profit rose 27% to 219 million euros, while gross margin reached 60.7% in 2024.
The unlisted company said that 78% of its total sales came from its international stores and it invested 219 million euros to add 260 new shops to its network of 2,800 in 2024.
Mango has an ongoing plan to expand its shops in the U.S., one of its top 5 markets, by opening more than 60 stores between 2024 and 2025, after its return to the country with its first flagship store in New York in 2022.
The company chief executive Toni Ruiz confirmed the plan to expand stores in U.S. after becoming chairman of the board, replacing Mango's founder and owner, Isak Andic, who died in a mountain accident last December.
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(Reporting by Corina Pons and Albert Gia, editing by Andrei Khalip)